中航证券股票质押回购业务问题研究

发布时间：2018-05-03 09:14

本文选题：股票质押回购 + 场内质押　；参考：《江西财经大学》2017年硕士论文

【摘要】：自2010年起管理层决定对证券公司的证券市场及商业银行的货币市场作出融合性的推动,到2011年约定购回式融资证券融资方式的实行,都在表明整个国内市场环境依旧是等待更好的融资方式选择为主,整个股权市场拥有极大的潜力。通过比较约定购回式证券交易和银行、信托场外股票质押式回购等不同类型业务的特点,2013年沪、深交易所开始推广证券公司股票质押式回购业务,该业务打破了约定购回式证券交易在资金提供主体、标的物范畴、业务时限等层面上存在的壁垒,克服了场外质押在违约处罚结果、业务效率等层面上存在的问题,采用场内交易的方式来达到客户对资金融入的各项要求。自从该业务面世以来,开展该业务的券商数量迅速增长,办理该业务的客户数量也显著增长,同时,市场占比和业务推广规模也日渐提高。继约定购回式证券交易之后,股票质押式回购业务是一种全新的融资交易手段,是进一步改善各大证券公司融资平台的一大重要突破,同时更是解决当前我国中小企业融资困境的一大重要举措。本文就是立足于这一大金融热点背景下,对国内的证券公司股票质押回购业务做了一个总结,大部分的股票质押回购业务集中在大型的证券公司,比如中信证券、国泰君安证券等,相比于这些大型券商而言,中小券商开展股票质押回购业务中遇到的问题要复杂很多,因此本文选取中航证券股票质押式回购业务问题分析作为案例。一方面中航证券是中小券商中较早获得股票质押业务试点的券商,股票质押回购业务推出以来公司便开始开展此业务,在中小券商中具备代表性;另一方面中航证券背靠国企,在股票质押回购业务开展与改善中具备特殊性。本文通过对中航证券股票质押业务的现状以及现有问题进行分析,提出业务发展的对策,并希望以此来为各大同类的证券公司提供可借鉴的业务开展思路。本文从六个部分展开研究:首先在本文的绪论部分,对目前国内市场的股票质押背景及研究意义作了说明,同时对于国内外关于股票质押的研究做了完整的分析,根据分析指明了本文的研究思路,同时结合分析论述了本文的创新与不足。其次对股票质押业务做一个基本的介绍,然后比较了国内目前主要的金融机构关于股票质押业务的开展模式,得出证券公司是开展该项业务的最佳平台。再次是对选取的案例中航证券作一案例介绍,包括中航证券公司背景介绍,以及国内及中航证券股票质押回购业务发展现状的介绍。从次是对中航证券股票质押业务的优势、问题以及面临的机遇和挑战进行全面的分析。然后是结合中航证券业务发展问题以及中航证券实际的情况,提出了包括资金端、项目端、内部控制流程化以及业务风险管理的发展策略建议。最后在文末是对全文案例的总结,总结从本案例中获得的结论,并指出本篇论文中存在的问题,并为日后的更深层次的钻研指明方向。
[Abstract]:Since 2010, management has decided to promote the integration of the securities market of securities companies and the monetary market of commercial banks. In 2011, the implementation of the financing mode of repurchase financing securities in 2011 shows that the whole domestic market environment is still waiting for better financing options, and the whole stock market has great potential. Through the comparison of the characteristics of different types of business such as buying back securities trading and banking, Bank of trust and stock repo, Shanghai and Shenzhen Stock Exchange began to promote stock pledge repo business in Shanghai Stock Exchange in 2013. This business broke the level of the agreed repurchase securities trading in the main body of funds, the subject matter category, the business time limit and so on. The barrier has overcome the problems that exist on the level of penalty in default and business efficiency, and use the way of trading in the field to meet the requirements of the customer's integration of funds. Since the operation, the number of securities dealers in the business has grown rapidly, and the number of clients in the business has also increased significantly. The share ratio and the scale of business promotion are also increasing. After the purchase of the return type securities trading, the stock pledge repo business is a new means of financing, which is a major breakthrough to further improve the financing platform of the major securities companies, and is also a major measure to solve the current financing dilemma of small and medium enterprises in China. Based on this big financial background, a summary of the stock repo business of the domestic securities companies is made. Most of the stock pledge repo business is concentrated in the large securities companies, such as CITIC Securities, Guotai Junan Securities and so on. Compared to these large securities firms, small and medium securities dealers carry out the stock repurchase business in stock. The problems encountered are complicated, so this paper selects the analysis of the stock repo business of China Airlines securities stock as a case. On the one hand, China Airlines securities is an earlier securities broker in small and medium securities firms, and the company has begun to carry out this business since the stock repo business is launched, and it is representative in the small and medium brokers. On the other hand, China Airlines securities backed by state-owned enterprises is special in the development and improvement of the stock pledge repo business. Through the analysis of the current situation and existing problems of the stock pledge business of China Airlines securities, this paper puts forward the Countermeasures for the development of the business, and hopes to provide a reference service for the securities companies of the same kind. The paper studies from six parts: first, in the introduction part of this article, the background and significance of the stock pledge in the domestic market are explained. At the same time, a complete analysis of the research on stock pledge at home and abroad is made, and the research ideas of this paper are pointed out according to the analysis. At the same time, the innovation and deficiency of this paper are discussed in combination with the analysis. Secondly, it makes a basic introduction to the stock pledge business, and then compares the current major financial institutions in China on the mode of the stock pledge business, and concludes that the securities companies are the best platform to carry out the business. Again, it is a case for the selected case of China Airlines securities, including the background introduction of China Airlines securities company, and the country. The present situation of the development of the stock repo business of the stock and China China Airlines securities stock is introduced. The second is the comprehensive analysis of the advantages, the problems and the opportunities and challenges of the CAC stock pledge business. Then, it combines the development of China Airlines securities business and the actual situation of China Airlines securities, and puts forward the financial end, the project end and the internal control. Finally, at the end of the paper, we summarize the full text cases, summarize the conclusions obtained from this case, and point out the problems in this paper, and point out the direction for further research in the future.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】